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Gyrodyne, LLC is a publicly owned company (NASDAQ: GYRO) headquartered in Smithtown, NY with a deep history on Long Island, spanning over 70 years. We also own property in Cortlandt Manor, in New York’s Westchester County.

In Smithtown, New York, we own a light industrial campus that is the subject of our subdivision application with the Town of Smithtown. The property is close to nationally-ranked Stony Brook University, with its nationally-ranked tertiary care hospital. Gyrodyne’s management team and board of directors continue to be largely composed of local Smithtown, Brookhaven, and Suffolk County residents who care deeply for the surrounding community.

Our Cortlandt Manor property is the site of the proposed Cortlandt Manor Medical Oriented District (MOD). This property is in a key location, with easy access to New York City, via Metro-North to Grand Central Station, and just across the street from New York-Presbyterian Hospital, where there is a strong market demand for new medical office residential space. Following the approval of rezoning by the Town of Cortlandt, site proposals will be submitted to the Town to develop it as medical office residential space, helping to drive the local economy, attract new medical talent and increase local tax revenue. This property is also surrounded by open green space, and current development plans include the private maintenance of a lake and greenways located on the property.

Both properties have the potential to have significant economic, environmental, and quality of life benefits to local residents if developed responsibly and sustainably. We have been and continue to be in close communication with our partners in the Town of Smithtown and the Town of Cortlandt as well as a range of engaged residents and civic groups regarding the needs of the areas and the historical character of the neighborhoods. We are committed to smart, sustainable, and responsible development with the best interest of our communities and our neighbors in mind.

The Gyrodyne Proposal (Smithtown):

As of March 2022, Gyrodyne is moving through a subdivision application process with the Town of Smithtown, which would allow us to turn the current property (zoned as a light industrial campus) into an updated layout. This is an important step, as it allows for the most responsible path to development, ensuring any proposed projects are appropriately sized and suited for the area. Post-subdivision, individual proposals for the development of those lots will be subject to approval by the Town.

As part of the subdivision application, Gyrodyne has proposed certain community-conscious design elements and improvements, in order to maximize the benefits of future development and mitigate any community concerns. In connection with the subdivision application, we've also commissioned several studies, including an Environmental Impact Study and an Economic Impact Analysis that detail these benefits and the long-term impact of the proposed development plan. Any future development, as planned for according to our subdivision application is currently planned to include the following:

- A new state-of-the-art advanced, privately funded underground wastewater treatment plant that will reduce the nitrogen concentration of incoming wastewater and provide new possibilities for local growth. Alternatively, the cost of doing nothing and foregoing development will result in further degradation of Stony Brook harbor under current entitlements.

- Improved traffic flow and community safety measures have been integrated to support new development plans. These will be implemented at key intersections along New York State Route 25A.

- The proposed development, according to the sub-division outline, will maintain the historic scenic perspective and cultural history associated with the Smithtown area.

- The Flowerfield campus-style development will maintain approximately one-third of the site with landscaping and natural buffers along 25A, Mills Pond Road, and adjacent to the existing pond with approximately 2-miles of walking trails open to the public.

- Our proposal includes new green infrastructure improvements to manage stormwater including roadside bio-swales and rain gardens integrated with the natural landscape.

- Post-subdivision, based on the potential land uses outlined in the Environmental Impact Statement and Economic Impact Analysis, it is anticipated that construction at this site will create over 1,000 temporary jobs, and in the first year of operation should support more than 2,500 direct, indirect, and induced jobs in Suffolk County.

- During the first 10 years of operation of the entire campus, potential development on this property is projected to generate over $2.6 billion in labor income, $3.5 billion in total value-added, and $5.3 billion in total economic output.

- Future development, as planned for in the current subdivision application, are projected to generate a positive net benefit of $550,000 to the Town of Smithtown and over $3 million to the school district during the first stabilized year.

At Cortlandt Manor, Gyrodyne is committed to:

- Continued partnership with the Town of Cortlandt, New York-Presbyterian Hospital and other local stakeholders

- A future development plan that will catalyze the area’s economic success and future as a hub for medical talent and resources with at least 80,000 square feet of Class A medical office space and 160 unit plus residential multi tenant complex.

- Maintaining the private lake and greenways for public use